WORCESTER—Will you have a deal, or “for that reason” will you be out?
That’s the question facing eight college entrepreneurs at WooTank Intercollegiate Showdown, to be held from 5 to 8:30 p.m., Tuesday, April 2, at the BrickBox Theatre, 20 Franklin St.
The event was organized by Venture Forum, with presenting sponsorship from Webster Five and Geisel Software.
“It’s modeled, broadly speaking, off of Shark Tank,” Venture Forum Executive Director Zak Dutton said. “We have four colleges participating. They all run their own internal pitch competitions, and we will take the top two from each.”
The students are from Clark University, College of the Holy Cross, Nichols College, and Worcester Polytechnic Institute. Unlike the actual Shark Tank show, where entrepreneurs ask for a particular amount of money in exchange for equity in their fledgling companies, these students will come with a specific request.
“It can be anything from ‘I need software’ to ‘I need particular equipment,’” Dutton said. “The Sharks will go back and forth and potentially allocate some money to them.”
The team of Sharks is Brian Giesel, CEO and founder of Geisel Software, Mark Wingertzahn, an executive with more than 25 years of experience in non-clinical and clinical development, and Margaret McEvoy-Ball, a retired sales and marketing executive from Dell EMC and Digital.
The pitch order is determined shortly before the competition.
“What I think will be great is the ability to interact with Sharks,” Dutton said. “All pitches have a Q&A component, but this is different. The Sharks could perhaps say, ‘Maybe I won’t invest here, but I can support in this other area.’”
Teresa Quinn, an entrepreneurship and innovation adjunct professor at Clark, said 14 students are vying for a chance to participate.
“Pitching in a ‘real-world’ experience cannot be matched in an educational setting, no matter how hard we try,” Quinn said. “It is real work, real experience, and reality of what is coming as they continue their entrepreneurial journey.”
Curtis Abel, the executive director of WPI’s Innovation and Entrepreneurship Center, agreed.
“I’m incredibly excited about our students participating in WooTank because it’s a learning experience that goes well beyond just showcasing innovative ventures to the community,” he said. “It’s an integral part of their entrepreneurial journey where the students are empowered to develop career-distinguishing life skills for value creation, societal impact, and personal growth as they prepare for the event. The skills that the students develop from this hands-on experience help prepare them for the complexities of the real world, which cannot be taught in the classroom alone.”
In addition to potential funding, WooTank will offer in-kind prizes. Among these are meetings with venture capital firm MassVentures, free memberships with WorcLab, and a strategic planner, Dutton said, who will award sessions to help the students plan and organize next steps.
The event will also be live-streamed, so families and friends of the students can watch.
“The whole event has been planned with representatives from the four colleges,” Dutton said. “They’re all sponsoring the event and helping out financially, along with Brian (Giesel) and Webster Five. It should be a lot of fun.”
Dave Peterson, general manager of the Worcester Bravehearts, acts as the master of ceremonies.
“He understands what we’re trying to do, and he’s excited to be part of it,” Dutton said.
Though Venture Forum has sponsored five-minute pitch competitions for entrepreneurs in greater Worcester in the past, this is the first intercollegiate event.
“The funniest thing is the logistics to find time to fit into four college calendars,” Dutton said. “It’s a narrow window of time. But we’ve been working on this since September, meeting every other week, to see what it would look like.”
Abel said the event has great value for student entrepreneurs.
“Through real-time negotiations with investors and shared experiences with their peers, students will learn together from each other, elevate each other, and develop a deeper understanding of their entrepreneurial journey,” Abel said. “It’s within these connections and relationships that the true magic of networking emerges.”
Dutton said Venture Forum started in the 1990s as a WPI project and has remained in Worcester because of the potential here.
“We are focused on Worcester because we think Worcester has the potential to be part of the next generation of start-up hubs in the country,” Dutton said.
Dutton said he hopes WooTank is the first of many collegiate events.
“I’m hoping it grows and we have the ability to bring in some of the other colleges in the area,” Dutton said. “It will be fun to make it a success.”
Christine M. Quirk is the former editor of MotherTown and has written for the Telegram & Gazette, Bay State Parent and Times & Courier. She is a novelist and educator and lives with her family in West Boylston. She can be reached at cmqwriter@gmail.comWoo
